Manage your business risk with SOPs
I used to be an employee. Then circumstances allowed me to become self-employed. Being a small business owner means a lot of things. One of which is that I am responsible for paying the bills through my business efforts alone.
This requires accepting risk. Risk is a part of most aspects of life but being the owner carries many that we must accept.
I need to provide a service or sell a product that meets the needs of a market.
I must incur cost to produce what I want customers to buy and charge enough to cover these and earn a profit. Breaking even is not enough. It’s just the starting point.
Standard Operating Procedures!
I don’t work any less hard than I did as an employee. Sometimes I work longer hours. I work weekends to keep up with the workload when necessary.
Designing a system for a business, a Standard Operating Procedures – your SOPs. It is necessary to keep our internal firefighting to a minimum. It’s a thing that is constantly getting update.
Having my SOP in place and working well is important for customer relations. If a problem arises, which they always do, identification and resolution are important.
As I learn from my activities – both the successful customer interactions and my failures – they become my input for new procedures.
A question I ask myself is, will this be a continual process while I operate my business? From what I have experienced so far, the answer is yes.
Always Learning is required!
Constant improvement is a necessity. So is constant learning. Building a great support network has been a lifeline for my efforts and ambitions.
This includes resources outside of my scope of expertise. Things like accounting and legal.
If I had employees, I would then need to include Human Resources management as well as my payroll obligations.
Outside of the CPA and lawyers, there are many free resources of tremendous help. Things like the U.S Small Business Administration website, SCORE mentors, and our regional Small Business Development Center.
I’ve successfully reached out to and explored these resources throughout my business journey. I suggest that you build a resource network too.
The sooner we recognize and resolve an issue affecting our business, the sooner we move on to providing the next great customer experience.
Like I’ve heard through my lifetime – “Word of mouth is the best advertising” – and having a strong SOP goes a long way in ensuring a continued happy customer experience.
Take care of the customer and the business will take care of you. Stress the importance of a strong customer experience if you have employees and this positive image grows.
Continued learning and improvement is ready to keep your company shining in your marketplace’s eye.
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Learn more about SOPs
Convinced that SOPs will help your business and want to learn more? You can read more about the procedure in this article at Tallyfy.